Recently we were discussing these code sets.
There's a very interesting article on ASCII development and comparison to Baudot development and usage from the April 1964 Western Union Technical Review available in our archives. Please see:
The article goes into detail about the code's subset and why the bits are arranged as they are. There are many technical issues we modern users take for granted but had to be considered by early designers, and this article provides the background. For instance, back then every bit was expensive to handle (electronically or mechanically) and it was desirable to use subsets.
There's also a glossary explaining all the character abbreivations.
At that time, the Federal Govt and Western Union were developing a new internal communication system (ARS) which would use ASCII and 4-row Teletypes (model 33 or 35).
The article notes that Western Union was not planning to use ASCII too much in its own business as the three extra bits seemed to be an unnecessary burden with little benefit. As stated, bits were expensive and back in 1964 that attitude made sense. IBM's own 8 bit EBCDIC code was just announced but machines wouldn't be service for at least a year. Most computers of that era used a 6 bit code, indeed, internally at IBM there was strong protest that the System/360 architecture was unnecessarily wasteful and the older 1401 architecture (6 bit) would do fine for new models.
Hindsight being 20/20, it was probably a major mistake that W.U. didn't embrace ASCII, if not perhaps in 1964, but within a few years as time sharing took root, served by ASCII Teletypes.